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      Modeling institutional evolution

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      Author
      Neyapti, B.
      Date
      2013
      Source Title
      Economic Systems
      Print ISSN
      0939-3625
      Electronic ISSN
      1878-5433
      Volume
      37
      Issue
      1
      Pages
      1 - 16
      Language
      English
      Type
      Article
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      Abstract
      This paper proposes a formal framework to analyze the process of institutional evolution in relation with economic progress. Institutions have both formal (F) and informal (N) aspects that may exhibit varying processes of change. N is hypothesized to evolve with the level of capital stock, as in learning by doing, whereas F is chosen optimally by a government that maximizes output subject to social and political costs. F and N together define the production technology and affect the income level. Consistent with evidence, simulations of the model's solution reveal that optimum F exhibits a punctuated pattern.
      Keywords
      Growth
      Institutional evolution
      Punctuated path
      Permalink
      http://hdl.handle.net/11693/21052
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/j.ecosys.2012.05.004
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      • Department of Economics 649
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